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"In 1981 six Arab monarchies, which today control about a fifth of the world’s oil supply, formed the Gulf Co-operation Council (GCC).

As the war between Iraq and Iran intensified, the Sunni Arab sheikhdoms of the Gulf peninsula - Saudi Arabia, Oman, United Arab Emirates (UAE), Kuwait, Bahrain and Qatar - originally came together in theory to form a Middle Eastern version of the European Union. Although the group has no formal political charter like the EU, it still provides the only official forum where all six leaders of these oil-rich countries can sit down together to debate and agree on mutually beneficial policies in the region.

But the rise of Islamic extremism across the Middle East, America’s growing willingness to deal with Iran and lingering leadership succession issues amongst member states are now unpicking the ties that have bound the GCC together in a tectonic shift that could have profound implications for the security of the world’s largest oil fields."

"Abu Dhabi-listed Islamic insurer National Takaful Co (Watania) said on Tuesday that United Arab Emirates regulators had approved the sale of 60.53 percent of the firm to MB UAE Investments and an affiliate of MB.

Watania said MB UAE Investments would acquire 51 percent and Al Madina Insurance Co would take 9.53 percent. The group would buy a total of 90.8 million shares.

The deadline for the purchase is next Feb. 24, Watania said in the statement, noting that the regulatory approval did not constitute a commitment by the buyers to actually execute the deal. It did not give details such as the purchase price or who would sell the shares."

"Dubai World has reached a deal with its main creditors to extend the repayment of US$10.3 billion of debt, two people with knowledge of the matter said.

The group, which owns the world’s third-largest ports operator, agreed with the creditor committee to repay in 2022, four years later than previously agreed on, the people said, asking not to be identified as the information is private. Dubai World also agreed to repay $4.4bn of loans due September 2015 early if creditors approve the deal, the people said.

Dubai’s accelerating economy is prompting companies to renegotiate loan terms and seek new deals as interest rates decline. Dubai World signed the debt deal with about 80 creditors to restructure $14.7bn of debt in March 2011."

"A revival of international bond issues from the Gulf is set to draw heavy demand from local and foreign investors, despite the latest geopolitical upheavals in the Middle East and the approach of higher US interest rates.

Gulf bond issuance has dried up since early July, because of a traditional summer lull in local investor activity as well as global market instability due to the crisis in Ukraine.

During that period, tensions in some parts of the Middle East have worsened dramatically. In June, Islamic State militants in Iraq stepped up a campaign that threatens to dismember the country; fighting in Libya has intensified, and Yemen’s government has moved closer to collapse. Israel has launched a war against Palestinian militants in Gaza."

"Kuwait is replacing the head of its securities regulator after a stormy four years during which he drew criticism from some investors for his attempts to clean up the bourse and for the stock market’s weak performance.

Kuwait’s freewheeling stock market has one of the worst reputations in the region for patchy corporate disclosure and illicit trade.

Wealthy individual investors dominate the $113 billion market, and some resented Saleh Al Falah’s efforts, as chairman of the Capital Markets Authority (CMA), to crack down on improper speculation. Long-standing tensions between Kuwait’s parliament and the cabinet made the dispute a political issue."